Top Intraday Stocks Today - 31 May, 2024
Lets delve into the hottest stocks for today with potential buying opportunities, along with those that might be primed for shorting based on technical analysis. Checkout intraday stocks to watch for today - 31 May, 2024
The previous session witnessed a challenging market landscape. After an initial dip, the Nifty faced relentless selling pressure. However, a late surge managed to mitigate some of the losses. Ultimately, the index settled in the red, relinquishing 0.95 percent.
The Nifty Midcap 100 index performed poorly relative to its larger counterpart, suffering a more significant loss of 1.34 percent.
Within the sector landscape, Banking and Media stood out as beacons of strength, exhibiting resilience. In contrast, Metals and IT confronted headwinds, posting weaker performance throughout the session.
The options market hinted at cautious sentiment. The highest open interest on the call side hovered around 23000/24000, while the put side concentrated at 22000/22100. A higher volume of call writing relative to put writing suggested a prevailing bearish outlook.
The Volume Weighted Average Price (VWAP) projected a trading range for the current session between 22120 and 22975. The Max Pain was observed at 22600 spot, indicating a balance between bull and bear sentiment.
In the cash market, Foreign Institutional Investors (FIIs) opted to sell, contributing to a net outflow of 3050.15 crore. Domestic Institutional Investors (DIIs), on the other hand, displayed net buying activity worth 3432.92 crore.
Top Stocks to Buy Today:
1) SWANENERGY
Buy SWANENERGY shares in intraday timeframe at CMP Rs. 574.75
2) CUMMINSIND
Buy CUMMINSIND shares in intraday timeframe at CMP Rs. 3486.7
3) SUVENPHAR
Buy SUVENPHAR shares in intraday timeframe at CMP Rs. 629.45
4) TIINDIA
Buy TIINDIA shares in intraday timeframe at CMP Rs. 3730
Top Stocks to Short Today:
1) SUPRAJIT
Sell SUPRAJIT shares in intraday timeframe at CMP Rs. 449.45
2) TRITURBINE
Sell TRITURBINE shares in intraday timeframe at CMP Rs. 591.25
3) PRESTIGE
Sell PRESTIGE shares in intraday timeframe at CMP Rs. 1598.65
4) ITI
Sell ITI shares in intraday timeframe at CMP Rs. 300.55
Disclaimer: Remember, the market is a living beast, and even the most informed predictions can be devoured by unforeseen events. While this analysis is based on a thorough rule-based research, the ultimate decision to buy or sell rests with you. Do your own due diligence, consider your risk tolerance, and craft a strategy that aligns with your financial goals. Stratzy provides insights, not guarantees, and cannot be held responsible for any gains or losses incurred in your trading activities. Invest wisely, trade responsibly, and may the market gods favor you!